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1946 - 1956
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General Reinsurance was established on March 21, 1921. Two Norwegian companies, Norwegian Globe and Norwegian Assurance merged and were renamed General Casualty and Surety Reinsurance Corporation. Starting with $800,000 in capital and $900,000 in surplus, General Casualty and Surety, as the name implied, set out to write casualty reinsurance. In 1923, American investors acquired the company and changed its name to General Reinsurance Corporation.
In 1929 General Reinsurance concluded that it would be only a direct reinsurer and also would write no less than 100% of a treaty. In 1930, North Star Reinsurance was acquired to write property reinsurance business. In 1945, General Reinsurance Corporation merged with Mellon Indemnity, bringing new capital so that it could become a stronger reinsurance competitor vis à vis foreign competition. In 1946, Edward Lowry became President. Mr. Lowry instilled in the company its key value – underwriting for profit. Lowry was more interested in underwriting quality than volume.
In 1954, the company created the first professional casualty facultative department. Property facultative followed, beginning in 1956. Domestic branch offices were opened during this time. Also in the fifties, General Reinsurance began writing international reinsurance, the expansion of which continued in the sixties and seventies.
In 1980, General Re Corporation was listed on the New York Stock Exchange. Shortly thereafter, United States Aviation Underwriters was acquired; General Star and Genesis were formed; and life reinsurance operations were expanded. In 1988, General Re’s life operations were sold.
In 1994, General Re and Kölnische Rück (Cologne Re) formed an alliance. In 1998 Berkshire Hathaway acquired General Re Corporation. Today, General Re owns a controlling interest in Cologne Re, and together they operate around the world from a network of branch offices and subsidiaries under the brand name Gen Re.
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